The closing disclosure process is a very tight process with no room for clerical errors whatsoever. Errors give the impression that a closing disclosure was not given to the borrower with sufficient time before loan closure. This can spell trouble for lenders especially in legal eyes. Therefore correct completion of the closing disclosure is critical to meet and match the requirements of TRID regulation.
Flatworld Solutions has over 20 years of experience in assisting lenders and credit unions with closing disclosure requirements. As a renowned Mortgage Closing Disclosure Preparation Support Service Provider we are driven by a team of mortgage experts who understand the ins and outs of closing disclosure and ensure there is no compliance oversight. Our support services take every mortgage loan through a quality control team and a disclosure regulatory compliance review team.
Mortgage Closing Disclosure Preparation Support Services We Offer
A closing disclosure is a 5-page form that has to be submitted to the borrower as per federal law. The form outlines the details about a borrower's mortgage loan. It states in clear terms the costs associated with purchasing the home including loan fees, taxes, and other related expenses. It also contains information regarding the loan such as the total financed amount, the rate of interest, the finance charges, monthly payments, and the agreed payment schedule. It is required by law to be sent to the borrower at least three business days before closing. Hence, our support services ensure there are no errors whatsoever in all the 5 pages of the disclosure. Here is what we do on each page of the disclosure -
Closing Disclosure Page 1
This the General Information page. We meticulously look through this page for loan information, closing information and transaction information. We ensure there is no oversight that primarily comes in the form of incorrect or omission of the issue date of the CD, the incorrect name of the settlement agent; incorrect seller's address for a purchase transaction, etc. Sometimes there might be a need to issue a revised CD after the initial CD has been issued. In such cases, we take extra care to ensure the issue date of the revised CD is updated to reflect the date it was actually issued.
Closing Disclosure Page 2
This page pertains to the loan costs and other costs. There are many errors committed in this stage. For instance, disclosure of 3rd party fees is an error-prone part of the form filling. These fees include IRS tax transcript fees, electronic registrations systems fees, etc. Most lenders by mistake disclose fees paid by third parties in section A instead of section B. Other mistakes committed in this section include the bundling of title services charges and the omission of the "title" designation for services relating etc. Our experts look out for each of these possible mistakes and flag them to you.
Closing Disclosure Page 3
This page pertains to calculating cash to close. It is yet another page where multiple opportunities for errors can happen. With our services you can ensure all these errors such as loan estimate column reflecting the right figures, complete explanations in the "Did this change" column, table formatting in a consistent way, etc. are met perfectly. Once the page is reviewed by our experts it goes through the second level of the review where the explanations and figures are screened by more experienced eyes.
Closing Disclosure Page 4
This page deals with loan disclosures. Some errors here include the omission of section items such as dispositions for assumption, negative amortization, demand feature, partial payments, reasons for not having escrow account, etc. These boxes are important because they tell whether or not the loan may be assumed, whether partial payments will be accepted, and how and so on. All the boxes need to be checked and any omission may lead to violation of rules. We make sure there are no omissions by following a checklist-based approach to review the page.
Closing Disclosure Page 5
This page is about the loan calculations and contact information. Mistakes are committed on this page when the charges in closing disclosure on page 2 have not been identified. Mistakes commonly happen on this page because the TRID software due to reasons such as naming conventions, etc. does not flag the appropriate items as finance charges. In the contact information section, errors happen when a contact individual for the lender or settlement agent is not mentioned. Likewise, lenders may fail to mention the email address or a phone number for the contact listed. Our review service for closing disclosure ensures none of this happens.
Mortgage Closing Disclosure Preparation Process We Follow
As a renowned Mortgage Closing Disclosure Preparation Support Company, we follow a proper process to close the loan. Our disclosure preparation process begins before the closing process continues during the closing and continues after the closing -
As lenders are required to send the Closing Disclosure at least three business days before closing, we prepare the lender to ready the documents to ensure it can be sent even before that. It is at this stage that we assist the lender in reviewing important aspects such as a promissory note, initial escrow disclosure, and the notice of right to cancel for refinances. At this stage, we also compare the closing cost items listed on the Loan Estimate with that on the Closing Disclosure. We also review to ensure the terms of the mortgage have not changed without the knowledge of the borrower.
During the Closing
During the closing disclosure stage, we review the documents on behalf of the lender for accuracy. Some of the docs we review include the promissory note which details the loan amount, rate of interest, payment schedule, and loan tenure, the correctness of the deed of trust, a deed that pledges the borrowers home as security for the loan, the certificate of occupancy to ensure the newly-constructed home doesn't violate any local building codes and laws and lastly the notice of right to cancel, a binding that empowers each borrower a three-business day window to withdraw from the new mortgage loan.
During this stage we carry out a QC audit of the closed loans, trail important documents such as tax records, trust deeds, assignments, mechanic's liens, modifications, assumption agreements, judgments, etc; assemble post-closing loan package by arranging all documents collected and submitted during the loan process; check for loan deficiencies and register approved loans with MERS.
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Why Outsource Mortgage Closing Disclosure Preparation Support Process to FWS?
As a renowned mortgage closing disclosure preparation support service providing company, we provide a host of benefits to our clients. These include -
Two Decade of Experience
We have over 20 years of experience in providing accurate mortgage disclosure services to our clients. We leverage this experience to ensure accuracy and speed to your mortgage disclosure needs.
We have a dedicated team for looking after mortgage closing needs. The dedicated team, in turn, has specialists to look after mortgage closing disclosure requirements. With experts in charge, it becomes easy for you to get discloser reports prepared flawlessly.
Adherence to Regulatory Norms
As a specialized back-office support provider, we commit ourselves to Fannie Mae and Freddie Mac guidelines. We have a compliance team which keeps itself up to date with all regulatory changes to ensure you stay in line with requirements.
Emphasis on Data Security and Data Confidentiality
We are an ISO 27001 certified company. We have all measures in place to safeguard your data and ensure complete confidentiality. We carry out regular audits to ensure we always maintain the highest standards of security.
We are a tech-agnostic company and leverage modern-day technology to process all your mortgage needs. We have an AI-driven in-house tool called MSuite to help us speed up the process of loan processing.
We believe in working with you in processing your mortgage disclosure requirements and so have in place a clear and transparent communication with us, you can be assured of Finance and Accounting BPO Outsourcing Services that are delivered with optimized transparency, flexibility, and efficiency.
Assured Cost Reduction
We work towards ensuring you get the optimum benefits of outsourcing your mortgage disclosure support service requirements. One such guaranteed benefit is a reduction of costs to about from 30% to 50%.
We are faster than our competitors because we operate from 8 global delivery centers including India and the Philippines.
Client Success Stories
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Outsource Mortgage Closing Disclosure Preparation Support Services to Flatworld Solutions
The conference was extremely productive and great seeing you also! Rajeev Kumar is extremely knowledgeable not only regarding outsourcing but in our particular industry. There is nothing that he does not know from origination all the way through to post-closing functions. You can feel confident that he will give your client a great experience!COO, Mortgage Services Company Maryland, USA More Testimonials »
Flatworld Solutions is driven by an experienced team of mortgage closing support experts. Our experts specialize in all parts of loan processing such as loan setup, underwriting support, title support services, loan verification, end-to-end mortgage QC, and closing support services including closing disclosure. Our experience in closing disclosure support has been shaped by exposure to various requirements of different lenders and credit unions. This has helped us develop a streamlined process for meeting closing disclosure compliance. Therefore we have made a distinct name as a closing disclosure preparation support company not only in maintaining the accuracy of closing disclosure documents but also in saving time and money.
Contact us now to know more about our mortgage closing disclosure preparation support services.